GME Token Prediction: Prices Drop 28% After Roaring Kitty Livestream

Bittime - The GameStop (GME) share price is back in the spotlight after experiencing a sharp decline of 28% in the last 24 hours. As of 7:40 EST on June 9, 2024, the price of GME plummeted to $0.01626 (around IDR 265) amid a 200% surge in trading volume to $507 million (around IDR 8.2 trillion).

This GME price drop occurred after a YouTube livestream by Keith Gill, known on social media as Roaring Kitty or DeepF*ckingValue. The livestream does not seem to meet the expectations of crypto investors.

Gill is best known for his role in the GameStop short squeeze phenomenon in 2021. He shocked the meme coin market last month with his first social media post in three years.

He provided an update on his big bet on GameStop shares this week, sharing a new screenshot on Reddit showing his stock position and options were worth $586 million (around IDR 9,521,200,000,000).

Despite today's plunge, data from GeckoTerminal shows GameStop's price is still up 315% in the last seven days.

GameStop (GME) Struggles Again

Investors who were optimistic about GameStop (bulls) managed to gain control of the price at the support level of $0.01249 (around Rp. 202) after a massive sell-off which pushed the price to a high of $0.03278 (around Rp. 533).

If momentum increases, this will empower bulls to push prices back to previous highs to recover their losses.

Additionally, GME price is currently above the 200-day Simple Moving Average (SMA), which provides immediate support. If the price rises, this could turn the 50-day SMA into a new support level, signaling a continued rally.

The Relative Strength Index (RSI) indicator shows that investors are returning to long positions as it rebounds from the oversold level of 30. Increased momentum could push the RSI past the midline level of 50 and towards the overbought region of 70.

The Moving Average Convergence Divergence (MACD) indicator shows a bullish trend back below the neutral line. This is indicated by the blue MACD line crossing the orange signal line, creating a bullish crossover.

The green bars on the histogram near the neutral line indicate that GME is experiencing positive momentum, which could push it to a new all-time high (ATH).

GME Token Prediction: Heading for a New ATH?

With the RSI and MACD showing this asset regaining momentum, investors may start to take positions. This slightly pushed GME back to reclaim its previous high.

However, key technical indicators suggest that GME is poised to surge to a new ATH above $0.050 (roughly Rs. 813) as long as bulls sustain the price movement above the support level of $0.01493 (roughly Rs. 242).

However, if bears (pessimistic investors) regain control of the market, the price could fall below the current support level, forcing bulls to retreat to the support zone of $0.009419 (around Rp. 152).

Please note that these price predictions are technical analysis only and not investment advice. Always do your own research before making any financial decisions.

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